Jefferies Group Equities Analysts Boost Earnings Estimates for Commerce Bancshares, Inc. (CBSH)
Commerce Bancshares, Inc. (NASDAQ:CBSH) – Investment analysts at Jefferies Group lifted their FY2017 earnings per share estimates for shares of Commerce Bancshares in a report issued on Tuesday. Jefferies Group analyst C. Haire now forecasts that the financial services provider will post earnings of $2.80 per share for the year, up from their prior estimate of $2.79. Jefferies Group also issued estimates for Commerce Bancshares’ Q4 2017 earnings at $0.74 EPS, Q1 2018 earnings at $0.79 EPS, Q2 2018 earnings at $0.85 EPS, Q3 2018 earnings at $0.88 EPS and Q4 2018 earnings at $0.90 EPS.
Several other research analysts have also commented on the company. Keefe, Bruyette & Woods reissued a “sell” rating and set a $51.00 price objective on shares of Commerce Bancshares in a report on Friday, September 15th. BidaskClub downgraded Commerce Bancshares from a “sell” rating to a “strong sell” rating in a research report on Saturday, December 16th. Zacks Investment Research downgraded Commerce Bancshares from a “hold” rating to a “sell” rating in a report on Tuesday, December 12th. Piper Jaffray Companies restated a “neutral” rating and set a $60.00 target price on shares of Commerce Bancshares in a report on Friday, October 6th. Finally, Barclays reaffirmed a “hold” rating and issued a $55.00 price target on shares of Commerce Bancshares in a research note on Sunday, December 24th. Four equities research analysts have rated the stock with a sell rating, six have given a hold rating and one has assigned a buy rating to the company’s stock. The company currently has an average rating of “Hold” and an average target price of $56.25.
Commerce Bancshares (NASDAQ:CBSH) last announced its quarterly earnings data on Thursday, October 12th. The financial services provider reported $0.71 earnings per share for the quarter, missing the consensus estimate of $0.74 by ($0.03). The firm had revenue of $304.83 million during the quarter, compared to analysts’ expectations of $317.28 million. Commerce Bancshares had a return on equity of 12.08% and a net margin of 23.93%. The company’s revenue was up 4.9% compared to the same quarter last year. During the same period last year, the business posted $0.68 EPS.
The business also recently announced a quarterly dividend, which was paid on Monday, December 18th. Stockholders of record on Thursday, November 30th were issued a $0.225 dividend. This represents a $0.90 dividend on an annualized basis and a dividend yield of 1.55%. The ex-dividend date of this dividend was Wednesday, November 29th. Commerce Bancshares’s dividend payout ratio (DPR) is 33.58%.
In other Commerce Bancshares news, insider V Raymond Stranghoener sold 6,399 shares of Commerce Bancshares stock in a transaction on Thursday, October 26th. The stock was sold at an average price of $58.40, for a total transaction of $373,701.60. Following the completion of the sale, the insider now directly owns 47,112 shares of the company’s stock, valued at approximately $2,751,340.80. The sale was disclosed in a filing with the SEC, which is available at the SEC website. Also, Vice Chairman Jonathan M. Kemper sold 55,000 shares of Commerce Bancshares stock in a transaction on Monday, December 11th. The shares were sold at an average price of $55.06, for a total value of $3,028,300.00. The disclosure for this sale can be found here. 4.30% of the stock is currently owned by insiders.
Large investors have recently made changes to their positions in the company. Lazard Asset Management LLC grew its stake in Commerce Bancshares by 27.1% during the 2nd quarter. Lazard Asset Management LLC now owns 1,448,515 shares of the financial services provider’s stock worth $82,318,000 after buying an additional 308,460 shares during the last quarter. Vanguard Group Inc. grew its stake in Commerce Bancshares by 2.9% during the 2nd quarter. Vanguard Group Inc. now owns 8,599,122 shares of the financial services provider’s stock valued at $488,688,000 after purchasing an additional 246,065 shares during the last quarter. Janus Henderson Group PLC acquired a new position in shares of Commerce Bancshares in the 2nd quarter valued at about $8,022,000. State of Tennessee Treasury Department lifted its holdings in shares of Commerce Bancshares by 366.7% in the 3rd quarter. State of Tennessee Treasury Department now owns 140,000 shares of the financial services provider’s stock valued at $8,088,000 after buying an additional 110,000 shares during the period. Finally, BlackRock Inc. lifted its holdings in shares of Commerce Bancshares by 1.1% in the 2nd quarter. BlackRock Inc. now owns 7,591,937 shares of the financial services provider’s stock valued at $431,451,000 after buying an additional 82,095 shares during the period. Institutional investors and hedge funds own 59.14% of the company’s stock.
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Commerce Bancshares Company Profile
Commerce Bancshares, Inc is a bank holding company of Commerce Bank (the Bank). The Bank is engaged in general banking business, providing a range of retail, mortgage banking, corporate, investment, trust and asset management products and services to individuals and businesses. The Company operates through three segments: Consumer, Commercial and Wealth.
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